KITCHENER-WATERLOO, ON (July 6, 2011) –For the second consecutive month, residential sales increased on a monthly basis compared to last year. This brings the total number of sales recorded through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) during the first half of the year to 3,443, a 5.4% decrease compared to 2010, but in line with the 5 year average.
“The first four months of the year got off to a sluggish and somewhat damp start,” says George Patton, President of KWAR. “But now we are seeing the second month of a delayed spring market shifting into full gear. This is a busy time for REALTORS® and we remain very optimistic about the remainder of the year and our local real estate market.”
While sales were slow to get going throughout the first half of the year, the average residential sale price maintained its measured rise, increasing 3.6 percent to $302,323.
The strength in home values translated into over 1 billion dollars in residential properties sold during the first six months of 2011, representing a small decrease of 1.9 percent compared to last year.
The only property type to experience an increase in the number of units sold on a year-to-date basis, were condominiums, up 4.5 percent to 653 units. Meanwhile, the sale of single detached homes were down 5.4 percent to 2,256 units, semi-detached homes decreased 3.0 percent to 292 units, and townhouses declined 28.7 percent to 211 units to the end of June.
The average sale price of single detached homes increased 4 percent to the end of June to $344,509. Condominiums sold for an average price of $204,987, an increase of 4.1 percent compared to 2010.
According to the president of KWAR, first half results point to the continued confidence consumers place in the value of residential real estate ownership in the Region. Confidence notwithstanding, buyers and sellers should consult their REALTOR® to understand the housing market, which varies depending on many factors, including location.